Vestand Inc (VSTD) is a restaurant company that owns and operates a chain of Japanese casual dining restaurants under the Yoshiharu Ramen brand. Revenue is generated through direct restaurant sales, including dine-in, delivery, pickup, and catering orders placed by businesses and individual guests. As of the 10-K filed March 27, 2025, the company operated 17 locations concentrated in Southern California and Las Vegas, Nevada, with restaurant build-out costs estimated at $350,000 to $550,000 per standard location, net of tenant allowances. The company has reported operating losses and disclosed going-concern risks tied to its limited restaurant count and high unit-level capital requirements. Two new Ontario, California locations and a Menifee, California location opened in the first quarter of 2025, and Las Vegas locations were added in the second quarter of 2024. The company finances operations through bank notes, EIDL loans, related-party notes, and equity issuances, including a March 2025 warrant subscription raising $1,650,000 in aggregate from accredited investors.

Revenue model

Transactional restaurant sales from dine-in, delivery, pickup, and catering at company-owned Yoshiharu Ramen locations. No franchise or licensing revenue is disclosed in the filing.

Products and services

Japanese casual dining menu featuring signature ramen dishes, sushi rolls, bento boxes, and other Japanese cuisine. Food is available for on-premise dining, delivery, and pickup. Catering services are offered to businesses through large-format orders. Restaurants average approximately 1,500 square feet with seating capacity of 40 to 50 guests.

Customers and end markets

Individual dining guests and business catering clients. No customer concentration data is disclosed. End market is casual Japanese dining in suburban Southern California and Las Vegas, Nevada.

Value-chain role

Owner-operator of company-owned restaurant units. Restaurant design and construction are managed by an internal Development Team with outsourced architects and general contractors. Food preparation is done in-store, including hand preparation of tempura, sliced meats and fish, and pork bone broth. Suppliers and distributors are vetted for food safety and quality standards.

Geographic exposure

Southern California (Orange, Buena Park, Whittier, Chino, Eastvale, Irvine, La Mirada, Cerritos, Corona, Garden Grove, Laguna Niguel, San Clemente, Menifee, Ontario) and Las Vegas, Nevada (three locations). All locations are in California and Nevada as of the 10-K filed March 27, 2025.

Source: SEC 10-K, filed 2025-03-27

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